In NYC it’s worse than that. An office building can be converted to a luxury residential property, but New York (City and State) is so dysfunctional and mismanaged that NYC developers are bailing on those projects, too.
—”An office building can be converted to a luxury residential property”
Do they do that with an older high-rise?
The cost to rework the plumbing and electrical, would be astronomical? Fire protection?
But they save the curtain wall because it is something special?
Cleveland has made good use of that kind of development. Old and rather stately downtown office buildings (not skyscrapers by any means) converted to upscale apartments/condos and they are occupied as fast as they can make them.